JPMorgan Hit With Derivative Suit Over Robosigning

Law360, New York (April 5, 2012, 8:41 PM EDT) -- A Kentucky pension fund hit board members of JPMorgan Chase Bank NA with a shareholder derivative suit on Wednesday claiming the spread of controversial foreclosure practices under their watch, including the robosigning of affidavits, caused the company substantial financial damage.

Filed in New York state court by the Kentucky State District Council of Carpenters Pension Trust Fund on behalf of JPMorgan, the suit accused the defendants of causing or allowing the company to "engage in mass processing of loan ownership and servicing documents in furtherance of...
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